HomeMy WebLinkAboutThe Times-Advocate, 2002-11-20, Page 5Acting purely in the
best interests
of members
Dear Editor:
The article on ethanol production in your Nov. 6
issue (“Down pushes for more ethanol production”) is
misleading in its suggestion that either I personally or
the Ontario Corn Producers’ Association (OCPA) have
provided a specific endorsement for the Ontario
Liberal party’s ‘Clean Air Plan’. That is incorrect.
OCPA strongly supports the increased production
and use of ethanol in Ontario for a great number of
reasons: as well as increasing markets for corn, it
provides considerable social, economic and environ-
mental benefits. Corn-based ethanol reduces green-
house gas emissions, improves air quality, reduces
dependence on non-renewable energy sources, and
provides significant opportunities for rural economic
development.
Ontario has many natural advantages to offer as a
site for ethanol production - the availability of feed-
stock, close proximity to major markets and market
demand for both ethanol and its co-products. OCPA
believes that the province can and should embrace a
strong leadership role on alternative fuel production
and use for the benefit of Ontario’s farmers, con-
sumers, environment and economic well-being.
However, we do not as an organization endorse the
platform of any political party. Our responsibility is to
act purely in the best interests of our members,
Ontario’s 21,000 corn producers.
Sincerely,
BOB DOWN,
RR1, Hensall
Thank you for caring
Dear Editor:
Through the very kind and generous support of
many businesses and individuals who supported this
event in Lucan on Nov. 1, the Harvest Hop raised an
amazing amount of over $20,000 for the Canadian
Diabetes Association. The money will contribute to
research in the search for a cure, prevention and
management of diabetes as well as education and
support for those who are living with this disease.
A significant difference in this year’s preparation
for the evening was an increase in the number of
people who volunteered to help. As much as I would
like to applaud the new interest, the sad reality is
that it was because more children and more adults in
our community have been diagnosed with this dis-
ease. Diabetes is increasing at an alarming rate so
awareness has become more and more important.
The Exeter Times Advocate continues to contribute to
this important cause through articles and by helping
with advertising events like the Harvest Hop. Thank
you for caring.
SUE HASKETT,
Harvest Hop Co-chair
Lighting of angel tree
On Friday, Nov. 20, the Huron/Bruce chapter of
MADD along with the Alzheimers Society, will host
the Lighting of the Angel Tree, in Memory of Loved
Ones. This event will take place on the Square in
Goderich.
MADD volunteers will be selling doves that can be
placed on the Angel Tree and the Rangers will be
selling candles between 6 and 7 p.m. that will be lit
after the tree-lighting ceremony starting at 7 p.m.
Following the lighting of all the candles, we will
sing Silent Night and proceed to the Angel Tree
where the doves will be placed.
After this, everyone is invited to share with us
some hot apple cider.
LAURIE DINNING
President Huron/Bruce MADD Chapter
We have lots to
remember
Dear Editor:
Pride.
That is how I felt on Nov. 10 at the Royal Canadian
Legion for the Remembrance Day service. Proud that
we have an author and playwright in our community
whom are not just a good writer but a historian as
Wednesday, November 20, 2002 5Exeter Times–Advocate
Editorial&Opinion
10 YEARS AGO
November 18, 1992 - A 12 year member of
Scouts Canada, Shawn Wurm of the 1st Hensall
Venturer Company received Scouting’s Queen
Venturer Award from Ontario Lieutenant
Governor N.R. Jackman.
Bob Dinney was named
Exeter’s Citizen of the Year for
1992 at the town’s annual
Appreciation banquet. The 1991
award was presented to Mickey
Bridges as she was unable to
attend last year’s banquet.
20 YEARS AGO
November 17, 1982 -
Incumbent councillor Dorothy
Chapman led the polls in
Monday’s municipal election in
Exeter and Gerald Prout was an easy winner to
become reeve of Usborne township. Tuckersmith
reeve Robert Bell was returned to office with a
large majority, Harry Klungel is the new reeve in
Hensall and Norm Steeper is the reeve in Lucan.
25 YEARS AGO
November 17 - Area young people winning
awards at Friday’s Huron 4-H Achievment Night
included Paul Pavkeje, Nancy Dietz, Bob Wilson,
Brian Pym, Caroline Rasenberg, Les Consitt,
Dwight Kinsman, Carol Dougall, Murray Stewart,
Dorothy Van Esbroeck, John Coleman and Trudy
Johns.
Two employees of the Exeter Post Office have
received certificates recognizing 25 years of Public
Service. They are Douglas Sweet and Bill Lenk.
35 YEARS AGO
November 18, 1967 - After the first snowstorm
of the season, OPP Corporal C.J. Mitchell warns
area drivers that “peep hole” driving is a very
dangerous practice and do not tailgate.
Experiments on corn conducted by former
SHDHS teacher Andy Dixon and Alex M. Stewart
and Son of Ailsa Craig have been lauded by Dr.
W.S. Young of the University of Guelph.
Rick Frayne is the new president of the Exeter
Teen Town Club.
By a majority of 21 to 14, Exeter businessmen
decided to leave store hours as they are now.
40 YEARS AGO
November 17, 1962 - Mark Bender of Varna
and Jane Horton from Hensall have won Huron
County scholarships at the University of Western
Ontario.
Arthur Cunningham of Clandeboye has returned
from Greenock swamp in Bruce County with a 300
pound, nine-point buck.
45 YEARS AGO
November 19, 1957 - A party of hunters includ-
ing George Hess, Hensall; D. Shepherd and R.
Grenier, Grand Bend; John Robinson and Leroy
O’Brien, Zurich and Elzar Mousseau of Kippen
returned home Friday from a hunting trip to
Manitoulin Island with their full quota of deer, one
each and three foxes.
55 YEARS AGO
November 17, 1947 - Approval has been grant-
ed to lower the age of enlistment for the RCAF to
17 years.
60 YEARS AGO
November 19, 1942 - Some party or parties vis-
ited the chicken house of Aaron Wein in Crediton
East Saturday night and helped themselves to a
number of pullets, even killing some there and
leaving the heads.
Fred Dawson of Usborne township led in the
number of sales during the third Victory Loan
campaign. Fred made 154 sales, being 24 more
than his closest competitor, Gordon Scribbons of
Clinton.
Don’t miss having your name on the auto-
graphed quilt the ladies of Grace Church in
Greenway are making.
80 YEARS AGO
November 17, 1922 - Mr. Maurice Coates has
taken a position as a clerk at Heaman’s Hardware.
110 YEARS AGO
November 18, 1892 - Joseph Haist while visiting
friends in Crediton exchanged his brick yard in
Michigan with Fred Guitner for a house here. Mr.
Haist also bought Matthew Morlock’s 100-acre
farm and 50 acres from L. Haist giving him 150
acres side by side. Mr. Guitner will move across
the line in the spring to operate his tile and brick
yard.
ROSS
HAUGH
BACK IN TIME
The Turner Report
PITY THE POOR
Last month enough Canadian investors threw
in the towel, to reduce mutual fund holdings by
more than $1.1 billion. It was the
seventh straight month of
redemptions, and the fourth bil-
lion-dollar monthly hit. But the
big story over the last year has
been the dismal level of new
mutual fund sales, especially
when it comes to equity funds.
Every month of every year, peo-
ple cash in their mutual funds. But
normally there is enough new
money going in to have positive net
sales. 2002 has proven the excep-
tion, and the fund industry is
scrambling to cope with the situation. Some fund
companies have retreated into a giant shell, gutting
their marketing budgets, laying off staff and waiting
in the weeds for better days. The number signed up
so far for the big financial consumer shows in
Toronto and Vancouver this RRSP season can be
counted on one hand.
Others are being more proactive, launching value
funds - like Fidelity - or tax-friendly corporate class
funds, like Investors Group and Royal Mutual Funds.
And the big irony is that last month, according to
Morningstar Canada, equity mutual funds were star
performers, as stock markets leapt higher by about
10%.
So are equity mutual funds undervalued and wor-
thy of investor attention? Is it time to get back into
these traditional growth assets, or will markets stay
wobbly, volatile and disappointing for years to
come?
Nobody can give you a guarantee, but all the econ-
omists I hang out with are wearing smiles these
days. They are forecasting sustained moderate inter-
est rates, rising corporate profits, lots more job cre-
ation and economic growth somewhere around 3%
or 4% next year for both Canada and the U.S. It’s an
environment in which equity markets should contin-
ue to recover, and mutual funds based upon them
rise in value. It’s also an environment in which
investors do not have a whole lot of options. Interest
rates are close to generational lows, so money mar-
ket funds, GICs and savings bonds have a pathetic
yield, especially after inflation and taxes. Bond
prices are sky-high because interest rates are so low
(remember, there is an inverse relationship between
the two), so buying a bond now is akin to falling in
love with Nortel at $124 a share. Real estate is
always an option, but residential prices have risen
by 13% from this time last year so there’s a danger
the market may be ready for a pullback.
The art market is certainly hot, but here prices
have virtually exploded and every major auction
(like the one in Toronto just days ago) now boasts at
least one painting that fetches millions. Gold is
always a gamble, since it’s a speculative commodity
very sensitive to everything from geopolitical events
to inflation. Picking individual stocks is always an
option, but hardly a sane thing for the amateur do-
it-yourselfer to consider. You can pay a huge price
for making the wrong choices and lacking in diversi-
fication. So, when it comes to putting the right stuff
into your RRSP, what are you going to chose?
Interest-bearing investments (the favourite Canadian
choice) are growing so slowly in value now that you
need to be fairly wealthy already to compensate. But
the average Canadian RRSP has just over $43,000 in
it, which is hardly the stuff retirement dreams are
made of. Clearly most people need growth, and
mutual fund refugees are just not getting it.
So, think hard before joining them. Every sane
investor knows the markets are far more attractive
to new money, after having lost 40% or more of their
value. We all understand there is far more risk when
markets bubble, as they did in 1999-2000, than
when they retreat, as has been the case in 2002. In
fact, if the bubble was the moment of maximum risk,
then is now not the moment - or close to it - of maxi-
mum opportunity? The reasons to be a mutual fund
buyer, as opposed to a seller, are overwhelming.
Those people giving up and going into cash or near-
cash investments are the victims of the media head-
lines that likely reflect the past much more than the
future. If you believe that the economy will be
stronger in five years, that more people will be
working, that technology will be more advanced,
and that life, in general, will be better, then why
would you not invest in growth assets?
GARTH
TURNER
THE TURNER
REPORT
See REMEMBER page 6